BIRMINGHAM, Ala., Jan. 17, 2013 /PRNewswire/ -- Vulcan Materials Company (NYSE:VMC) today announced that it has completed asset sale transactions which generated total gross proceeds of approximately $149 million. These transactions include the sale of reclaimed and excess land in California, one small quarry in rural Virginia, and a percentage of future production at four aggregates quarries in South Carolina. The South Carolina transaction is with Plum Creek Timber Company, Inc. (NYSE: PCL), one of the largest landowners in the U.S. and a leading manager of timberlands and other natural resources, and enables Vulcan to unlock long-term value in these quarries tax-efficiently, while maintaining full ownership as well as operational and marketing control. With this transaction, Vulcan received $75 million in exchange for an estimated 10.5% royalty interest in the sale of approximately 144 million tons of production over 25 years. (Logo: http://photos.prnewswire.com/prnh/20090710/CL44887LOGO ) Pre-tax gains on these transactions total approximately $120 million, $47 million of which will be recognized in the fourth quarter of 2012 with the remainder to be recognized over the life of the transaction with Plum Creek. Consistent with its long-term strategy of enhancing aggregates reserves positions in the fastest-growing regions and urban markets of the U.S., Vulcan will further strengthen its aggregates businesses in Texas and Georgia with the acquisition of two active quarries and additional reserves adjacent to two existing quarries for a total investment of approximately $80 million. Total reserves related to these investments are approximately 91 million tons. In the fourth quarter the Company retired $135 million of debt as scheduled. As of December 31, 2012, the Company's cash and cash equivalents, net of the above transactions, was in excess of $200 million. Donald M. James, Chairman and Chief Executive Officer of Vulcan Materials, said, "These transactions mark important progress on Vulcan's planned asset sales, debt reduction, and strategic investment programs to strengthen our balance sheet and our aggregates asset portfolio, which already delivers among the highest profit margins in our industry. Our management team will continue its focus on selling non-core assets, reducing debt and building our aggregates positions in key markets." About Vulcan Materials CompanyVulcan Materials Company, a member of the S&P 500 index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida. Forward-Looking Statement DisclaimerThis document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC. Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to intended asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the impact of a prolonged economic recession on Vulcan's industry, business and financial condition and access to capital markets; changes in the level of spending for private residential and nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential of goodwill impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.